BofA Securities reiterated its Buy rating on Apple Inc. and raised its price target to $325 from $320. Analyst Wamsi Mohan issued the update ahead of the fiscal second-quarter earnings report scheduled for April 30.
The firm projects quarterly revenue of $113 billion. Earnings per share are estimated at $2.00, surpassing current Street expectations. BofA forecasts 60 million iPhone units sold during the March quarter.
Growth is supported by continued iPhone demand and double-digit expansion in the Services division. Upcoming catalysts include a potential new stock buyback authorization and the Worldwide Developers Conference in June.